Winning Health Technology Group Co.Ltd(300253) (300253)
1、 Event overview
On December 7, 2021, Winning Health Technology Group Co.Ltd(300253) announced that it planned to change the purpose of the funds raised by convertible bonds and use all the 192 million yuan originally planned to be invested in the "cloud Medical Project" for the company's "wiexmy" project.
2、 Analysis and judgment
Improve the digital level of medical services, and Weining closely follows the development trend of "SaaS" construction of policies and industries
In terms of objectives, the project is consistent with the "building smart hospital" issued by the State Council in June this year, which is expected to promote the "Trinity" development and information interconnection of smart hospital; At the same time, in terms of mode, the project adopts the "SaaS" subscription, lease and delivery mode, which can better meet the needs of medical institutions in mobile terminal interaction inside and outside the hospital, and realize the four "full coverage" of the whole scene, the whole business chain, the whole medical role and the whole diagnosis cycle inside and outside the hospital.
Taking advantage of the "venex" technology, the new app is expected to realize product update iteration in the original customers
The 5g applied in this project not only meets the needs of the development of the industry environment, but also meets the needs of mobile scenarios such as "mobile terminal remote switching" because of its 5g large bandwidth and low time delay; In addition, the company's existing product "venex" has the foundation to provide technology and promotion for new projects, and "venexmy" will make every effort to break the restriction that it can only run in the LAN in the past and greatly broaden the functions and application scenarios by taking advantage of the company's information technology and customer reputation.
Boost business expansion and improve the business scale and profit margin of the company in primary and secondary hospitals
According to the announcement, at present, 60% of medical informatization projects are concentrated in tertiary hospitals, making the "venexmy" project have higher penetration in primary and secondary hospitals with immature informatization construction. The company sinks the market by using the "B + B2C" mobile medical product layout. The first generation of products will have three versions: basic / advanced / specialized, charged at 19 / 49 / 99 (yuan / month / person) respectively. It is expected to land in 100 hospitals in 2024, covering more than 100000 users; it is expected to land in 1400 hospitals in 2029, covering more than 1 million users, and is expected to achieve a cumulative revenue of 350 million yuan.
3、 Investment advice
The company recently acquired Chongqing Weining, a holding subsidiary, to integrate the resources of its subsidiaries to continue to explore the national covered regional market, and make full use of the company's existing technical advantages to start the "venexmy" app to achieve the purpose of favorable business model expansion and revenue creation. It is estimated that the company's revenue from 2021 to 2023 will be RMB 2.910 billion, RMB 3.657 billion and RMB 4.397 billion respectively; The net profit attributable to the parent company is 637 million yuan, 835 million yuan and 1027 million yuan respectively, and the EPS is 0.30, 0.39 and 0.48 yuan respectively. The PE corresponding to 21-23 years is 50, 38 and 31 times respectively, maintaining the "recommended" rating.
4、 Risk tips:
Competition in the medical IT industry is intensifying, and the progress of "wiexmy" project is less than expected.
